Seligman Funds says responding to SEC info. request

LeticiaWilliams

WASHINGTON (CBS.MW) -- Mutual fund company J.& W. Seligman & Co. said it responded to a request from the Securities and Exchange Comission as part of the ongoing investigation into market timing and late trading, according to a filing with the SEC Thursday. The firm said it was aware of one market timing arrangement in September 2003. That arrangement was being terminated before the first proceedings relating to trading practices within the mutual fund industry were announced later that month. Seligman said it identified three other market timing arrangements among its records over the past three years. "All three had already been terminated prior to the end of September 2002," the firm said. The firm said it is also conducting its own internal review of the trading practices.

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